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Addressing an Institute of Welsh Affairs conference Jane Hutt will stress the importance of investing in the infrastructure of Wales and will give her commitment to continue to urge the UK Government to support economic growth across the UK.
Jane Hutt said:
"Infrastructure investment is vital to Wales – to the economy and our public services. It is vital to the Welsh economy because infrastructure investment can provide an important, and much needed, stimulus.
"The Welsh budget for capital expenditure is being cut by 40% in real terms, putting a major constraint on our ability to invest in the infrastructure of Wales and support the Welsh economy.
"We have protected capital budgets this year despite the cuts imposed on us and whilst the measures we have already taken are having a positive impact we must also ensure we make the most of what we have. It is essential that we focus our increasingly limited resources on our key strategic priorities.
"That is why we as a Government are committed to developing a Wales Infrastructure Investment Plan (WIIP).
"The plan will provide a 10 year indication of the Welsh Government's "direction of travel" and a rolling two to three year outline of approved investments. It will also start a process of identifying and prioritising nationally significant infrastructure investment across the Welsh public sector."
Jane Hutt added:
"Innovative financing will play an important part in the delivery of key Welsh infrastructure and we are exploring ways of raising capital for investment in the Welsh economy. I am pleased to say that we are making very good progress.
"On 31 January, we launched the Local Government Borrowing Initiative, which should raise up to £170 million of investment in highways improvements over the next 3-years. Without this initiative, those improvements would simply be unaffordable.
"Ahead of publishing the first version of the plan in May I am engaging widely with business, public sector partners and the third sector to get their views on infrastructure challenges, opportunities and priorities for Wales.
"I believe it is essential that the plan, its future versions and the work streams developing alongside it are informed by the experience and knowledge from all sectors in Wales.
"We need the right infrastructure in place to deliver modern, accessible public services. By working together we can make sure that this happens whilst also continuing to support the Welsh economy."
